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Venture capital shareholding, digital transformation, and the economic resilience of listed enterprises

Author

Listed:
  • Yang, Hongwei
  • Xu, Mengya

Abstract

This study examines Chinese listed firms between 2010 and 2023, employing panel regression models, mediation effect models, and threshold regression models to systematically analyze the interrelationships among venture capital shareholding, digital transformation, and enterprise economic resilience. The empirical results demonstrate that venture capital participation significantly strengthens the economic resilience of listed companies, and this effect proves robust across a range of sensitivity analyses. Further analysis of underlying mechanisms shows that digital transformation serves as a crucial mediating factor in the relationship between venture capital ownership and corporate resilience. Moreover, threshold regression analysis identifies a notable threshold effect: as the intensity of R&D investment rises, the positive influence of venture capital on economic resilience becomes more pronounced.

Suggested Citation

  • Yang, Hongwei & Xu, Mengya, 2025. "Venture capital shareholding, digital transformation, and the economic resilience of listed enterprises," Finance Research Letters, Elsevier, vol. 85(PE).
    • Handle: RePEc:eee:finlet:v:85:y:2025:i:pe:s1544612325015673
    DOI: 10.1016/j.frl.2025.108313
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    References listed on IDEAS

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